We are seeing a head and shoulders pattern, that means bitcoin could go both directions, up or down, let's see what happens
We could see bitcoin going to 39 K, euros
Trade at your own risk.
Dear Traders and Hodlers,
here I make a prediction for the BTC-EUR pair (which is similar also to USD).
I didn't find a straight forward entry for this pair and I think that the market turns into bearish mode.
If you disagree and think that the bullish market will continue let me know in the comment's section if you agree or disagree with my idea and explain...
Macro view of BTC market in uptrend. We can see 4th dump of this bullrun on 1W time frame.
Actually Bears do not have big Volume , this is average Volume against big May dump.
It looks like ending of the up trend, maybe big Correction, BUT! MACD made a Red - Cross.
Next days and weeks will show, how market mean it.
This is big bearish think, personally Im waiting for more signals and price action to update prediction.
The most important thing is where BTC will make next spike.
In this case retracement from B to C will break MA 200 D and 221 D down, next retracement from C to D will confirm D as a resistance (S/R reversal is in game).
Based on previous thoughts on the alleged Wyckoff distribution pattern seen during spring bull run, I copied the bars from that time to check for correlation. No arithmetic valuation for this as of yet, might do in the next days. Measuring what seems to be the pattern's entry point, I expect a market top of 78500 EUR (90000 $ today), after Wyckoff characteristic...
"YES BEARISH I CAN BUY MORE BTC"
*BTC BULLISH MOVE*
"I'M ALREADY IN PROFIT !!"
*BTC HUGE BEARISH MOVE*
"I HATE THIS!!"
This move is just to take out the most emotional people. Those people just bought BTC, ETH & Altcoins just because most youtubers or social media people are saying: "at the end of the year BTC will always rise" Those people get FOMO. I think...
Now We can see 2 trend resistance lines which BTC must break up and retest for retracement to ATH and beyond (4H chart).
Bearish movement is in chart too.
Remember, BTC can do everything like other markets, which are tradable.
Stay focus to swings/where BTC will make next high/low.
Since November we are in a downward channel correcting further the over 2 1/2 months old upward trend. As the upward attempt of 19/20th November has failed we may understand this as a sentiment against the Coin for the moment.
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